US Senate Democrats demand public hearing on market forecasting, advocate inclusion in SEC regulation

Democratic members of the US Senate Banking Committee, led by Elizabeth Warren, sent a letter to committee chairman Tim Scott requesting a bipartisan public hearing on market forecasting and opposing the closed door roundtable meeting with Kalshi on September 23rd. The group stated that the prediction market involving corporate performance indicators belongs to the securities category and should be regulated by the SEC. Tim Scott responded that the meeting aims to understand the opportunities and challenges of securities linked products. The market is expected to have a monthly trading volume of $50 billion and open contracts exceeding $1 billion, and is currently under scrutiny due to insider trading, manipulation, and jurisdictional disputes between the CFTC and various states. (Source: AMBCrypto)